Why does this graph show P1, but not P2?
a. The price does not change.
b. The price change is so small it is not worth showing.
c. The price change fails to affect demand.
d. The price change fluctuates constantly.
b. The price change is so small it is not worth showing.
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The price elasticity of demand for a linear demand curve follows the pattern (moving from high prices to low prices):
a. elastic, unit elastic, inelastic. b. unit elastic, inelastic, elastic. c. inelastic, unit elastic, elastic. d. elastic, inelastic, unit elastic.
The national debt increased by nearly $2 trillion in the 1980s because of all of the following except
A. Defense spending. B. Recessions. C. Tax cuts. D. College financing.
Suppose Ginger is going to buy a house and a dishwasher. Assuming the marginal cost of searching for both is the same, one can predict that Ginger will
A. spend more time searching for the dishwasher than the house. B. trust the information from her real estate agent but not from the dishwasher salesperson. C. spend more time searching for the house than the dishwasher. D. spend equal amounts of time searching for the dishwasher and the house.
A purchase of U.S. government securities by the Fed causes
A. a contraction of the money supply of more than the amount of the securities purchased. B. a contraction of the money supply equal to the amount of the securities purchased. C. an expansion of the money supply of more than the amount of the securities purchased. D. an expansion of the money supply equal to the amount of the securities purchased.